A contract is a voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement. In order for a contract to be valid, there are six requirements: 1) an offer 2) acceptance 3) consideration (usually means something of value has to be exchanged, such as cash, services, or goods for something else of value) 4) mutuality of obligation 5) competency and capacity, and in certain circumstances, 6) a written instrument.
Contract Disputes
When drafting or entering into a contract, it is important to have an attorney review the contract not only to ensure its validity, but also to make sure that the intent of the contract is clear, and that it contains all of the necessary requirements. If the terms of a contract are ambiguous, the court can hold it against the drafter.
A contract dispute usually occurs when an agreement set forth in a contract is broken. This is also known as a breach of contract. When there is a breach of contract, the options are to enforce the contract or receive compensation. The ability to enforce the contract or receive money for the breach of contract depends on the type of breach. There are two types of contract breaches: material and non-material. A non-material breach is one that pertains to a minor detail of the contract, and is less serious than a material breach. A material breach occurs when the failure to perform a term of the contract strikes so deeply at the heart of the contract that it renders the agreement irreparably broken and defeats the purpose of making the contract in the first place.
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